Page 2 - Exports Imports

Toy exports down at $152 mn in 2023-24, need strategy to push it: GTRI

The country's toy exports declined marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, according to a report by economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that India's toy exports did not benefit much from the mandatory quality control orders. It said that while the domestic measures were primarily aimed at boosting local industry and ensuring safety, they did not significantly enhance India's toy exports. "From FY'2020 to FY'2022, exports increased modestly from USD 129.6 million to USD 177 million. However, by FY'2024, exports decreased to USD 152.3 million," the report said. Imports, however, increased to USD 64.92 million in 2023-24 from USD 62.37 million in 2022-23. GTRI Founder Ajay Srivastava said that the QCO checked substandard imports from China but did not result in higher exports from India. Though India has taken decisive steps since 2020 to curb the inflow of substandard toy imports, ...

Australia to grow more yellow chana after India removes 40% import duty

The removal of 40% import duty on desi chana by India will incentivise Australian farmers to increase both the acreage and production of Bengal gram for export to India

Battery cell demand for EVs to rise, India's reliance on imports continues

S&P Mobility said that while Maruti has a tiny EV market share, its battery cell demand is expected to be 20 per cent by 2035, as against Tata Motors at 22 per cent

Large domestic order book, exports growth key drivers for defence stocks

India is world's second-largest importer of defence equipment with 9% of global arms imports

Switzerland, UAE, China lead double digit imports growth in February

After growth in merchandise imports remained in negative territory for most of 2023, inbound shipments have turned positive for two consecutive months since January

US, UAE, Singapore, South Africa give a fillip to India's exports in Feb

After growth in merchandise exports remained in negative territory for most of 2023, outbound shipments have turned positive

Exports to close fiscal at same level as FY23-24 amid uncertainties: Goyal

Commerce and Industry minister Piyush Goyal has exuded confidence that during this fiscal, the country's goods and services export numbers will be at the same level; as it was last year despite slowdown and uncertainties in the global trade. He also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit. So our trade deficit will be significantly lower than last year. "I am happy to share with you that we close the current year in March at the same level as last year. We have a little bit of an adjustment between goods and services, but collectively we will be at the same level as last year, which will be a very, very significant achievement given that most developing countries and less developed countries are seeing a fall in their international trade," Goyal told PTI in an interview. Cumulatively, the country's merchandise exports in April-January 2023-24 contrac

E-commerce giant Amazon exports from India crossed $8 billion in 2023

Highest-growing categories include toys, beauty products, furniture, and luggage

Exports up 3.12% to $36.92 bn in Jan, trade deficit at 17.49 bn: Govt data

The country's exports increased 3.12 per cent on-year to USD 36.92 billion in January, according to the data released by the government on Thursday. Imports rose by about 3 per cent year-on-year to USD 54.41 billion in January this year. Trade deficit in January, 2024 stood at USD 17.49 billion. During April-January this financial year, exports dipped by 4.89 per cent to USD 353.92 billion. Imports slipped by 6.71 per cent to USD 561.12 billion. Commerce Secretary Sunil Barthwal said despite global uncertainties, "we have" recorded positive growth.

Commerce ministry to launch portal to provide info to aspiring exporters

The commerce ministry will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements. Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

After successful trial, India aims at $1 bn banana exports in next 5 yrs

With successfully exporting a trial shipment of fresh bananas to the Netherlands through sea route, India is now aiming to increase exports of this fruit to USD one billion in the next five years, an official said. At present, exports of most of the fruits from India are happening by air route because of lower volumes and different ripening periods. To increase the volumes, India is developing sea protocols for fresh fruits and vegetables like bananas, mangoes, pomegranates and jackfruit to promote their exports through ocean routes. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time and training of farmers. These protocols will be different for different fruits and vegetables. The Agricultural and Processed Food Products Export Development Authority (APEDA), along with other stakeholders, has developed these protocols for bananas. APEDA is an arm of the commerce ministry. "With the ...

India, New Zealand discuss cutting trade barriers, promoting investments

India and New Zealand have discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties, an official statement said on Wednesday. The issues were discussed during the meeting of Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay here on December 19. Both the ministers recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said. The trade minister of New Zealand appreciated the efforts made by India to sort out the issue related to export of wooden logs to India. "They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," it said. To strengthen the trade and economic relationship, ministers expressed the need to increase engagement ..

India's exports shrink again in Nov after Oct high; trade deficit narrows

The deficit had widened to a record $31.5 billion in October, as festival demand led to a sharp increase in the import of gold and silver

India challenges WTO panel ruling on ICT import duties at appellate body

According to WTO rules, a WTO member or members can file a case in the Geneva-based multilateral body if they feel that a particular trade measure is against the norms of WTO

MSME contribution to India's GDP lags pre-pandemic highs, shows data

The share of MSMEs in the country's total output, in terms of gross value added, touched 31 per cent in 2018-19 before declining during the pandemic

Insurance should not be misused for unfair gains

The National Commission observed that Aryan Exports' recovery of US $59,180 exceeded the consignment's value and concluded that further claims would amount to unjust enrichment

Soymeal exports likely to pick up soon as global prices rally: Report

US soymeal futures jumped 20% in five weeks as erratic weather has caused problems in the world's No. 1 exporter Brazil

High cotton prices may impact exports in 2022-23 marketing year: CAI

Cotton exports are estimated to decline 64 per cent in 2022-23 marketing year ended September due to higher prices of the commodity in the domestic market, Cotton Association of India (CAI) said on Monday. The cotton marketing year begins from October. Cotton export during 2021-22 marketing year was 43 lakh bales which fell to 15.50 lakh bales in 2022-23, according to CAI data. "The plunge in exports to 15.50 lakh bales in 2022-23, is mainly due to higher cotton prices in India, which was much higher than the global prices, during October till March. The high prices have impacted cotton exports from India," CAI President Atul Ganatra told PTI. Cotton imports are also expected to decline in 2022-23 by 2.50 lakh bales to 12.50 lakh bales following higher import duty, Ganatra added. Meanwhile, CAI has estimated cotton pressing numbers for 2022-23 season at 318.90 lakh bales as against its forecast of 311.18 lakh bales in the previous month. In 2021-22, the total cotton pressing stood

RoDTEP issues must be addressed quickly

The RoDTEP scheme was introduced in September 2021 for exports made with effect from January 1, 2021

China's exports fall for 4th consecutive month showing pressure on trade

The customs data released on Thursday further showed that imports also slid 7.3% to $216.51 billion